Catalyst Pharmaceutical Partners Inc. has a market cap of $20.7 million; its shares were traded at around $1.1466 .

Highlight of Business Operations:

Our common stock currently trades on the Nasdaq Capital Market. On November 13, 2009, we were informed by the Nasdaq Stock Market that, as a result of our common stock no longer meeting the requirement that it trade at a bid price of at least $1.00 per share, our common stock would be delisted from the Nasdaq Capital Market if, by May 12, 2010, we did not regain compliance with the requirement by our common stock trading at a bid price of at least $1.00 per share for a period of at least ten consecutive trading days. On April 26, 2010, we received notice from The Nasdaq Stock Market (Nasdaq) confirming that we had regained compliance with the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market, as a result of our common stock closing with a bid price of at least $1.00 for at least ten consecutive trading days. Further, we were informed that since we were back in compliance with the rule, the matter had been closed.

Research and Development Expenses. Research and development expenses for the three and six months ended June 30, 2010 and 2009 were $797,935 and $1,238,253 and $1,237,522 and $3,698,885, respectively, including stock-based compensation expense in each of the three and six months periods of $61,963 and $48,440 and $122,431 and $120,140, respectively. Research and development expenses, in the aggregate, represented

General and Administrative Expenses. General and administrative expenses for the three and six months ended June 30, 2010 and 2009 were $535,197 and $530,559 and $1,146,022 and $1,114,470, respectively, including stock-based compensation expense in each of the three and six month periods of $23,825 and $16,092 and $45,704 and $86,666, respectively. General and administrative expenses represented 40% and 30% and 48% and 23%, respectively, of total operating costs and expenses for the three and six months ended June 30, 2010 and 2009. General and administrative expenses for the three and six months periods ended June 30, 2010 were consistent with comparable periods in 2009. General and administrative expenses include among other expenses, management salaries and benefits, office expenses, legal and accounting fees and travel expenses for certain employees and consultants, directors and members of our Scientific Advisory Board. We estimate that our general and administrative expenses will average approximately $500,000 per quarter over the next 6 quarters. This estimate is based on currently available information, and there can be no assurance that actual general and administrative expenses will not differ from the amount estimated.

Stock-Based Compensation. Total stock based compensation for the three and six months ended June 30, 2010 and 2009 was $85,788 and $64,532 and $168,135 and $206,806, respectively. The reduction in expense for the six month ended June 30, 2010 from the comparable period in 2009 is due to granted awards to directors which vested immediately in 2009. There were no such grants in 2010.

cash and cash equivalents of $5.6 million and working capital of $5.4 million. At December 31, 2009, we had cash and cash equivalents of $7.8 million and working capital of $7.6 million. At June 30, 2010, substantially all of our cash and cash equivalents were deposited with one financial institution. We had cash balances at certain financial institutions in excess of federally insured limits throughout the quarter.

Net cash used in operating activities was $2,170,909 and $5,501,052, respectively, for the six month periods ended June 30, 2010 and 2009. During the six months ended June 30, 2010, net cash used in operating activities was primarily attributable to our net loss of $2,373,584 and an increase of $128,581 in prepaid expenses and deposits. This was offset in part by $181,215 of non-cash expenses, and increases of $147,707 in accrued expenses and other liabilities, and $2,334 in accounts payable. During the six months ended June 30, 2009, net cash used in operating activities was primarily attributable to our net loss of $4,793,088, and decreases of $57,044 in accounts payables and $908,344 in accrued expenses and other liabilities. This was offset in part by $222,645 of non-cash expenses, decreases of $22,626 in prepaid expenses and deposits and $12,153 in accrued interest receivable. Non-cash expenses include depreciation and stock-based compensation expense.

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